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. and we're not going to give up. in august of 2011, we had the big debt ceiling debate, we're going to have another one. at the end of the day, we have to rein in the spending, we have $16 trillion in debt. most people cannot fathom how much even $1 million is let alone a trillion. so when we have $16 trillion in debt and we're spending $1.4 trillion or $1.6 trillion more every single year than we're bringing in, it is a real issue that needs to be dealt with. and the bottom line is, these people, it doesn't matter what party they're in, they're going to washington, they're being elected by we, the people, they work for us and they're going to washington and not doing their job. this fiscal cliff deal, they had three to six minutes to read the bill. that is not acceptable. and again, it's not about party politics. but you know what? i'm going to say this, erick is right, there's a problem, the tea party movement was born out of frustration with both political parties but especially the republican party and i would say that we're the threat to the republican party and we do, you can'
side is coming out. what advice do you have especially as relates to the debt ceiling debate coming up for republicans? i don't think they handled-- they didn't negotiate. >> have to get off taxes, we're finished with that and we shouldn't vote for more tax increases, finished with debates over taxes. the debates have to be how we reduce spending and republicans should pass bills. >> sean: one after another. >> reducing spending, take the risk that people get angry at us for certain special interest groups are getting upset cutting this, and a realistic picture how to reduce the deficit and dare the senate to vote for it. >> sean: and only essential areas of government get funded. shut it down until the president-- >> everyone agrees except the more radical left wingers the big problem we have is out of control spending so let's attack that problem, not politically, but in a substantive way and presenting legislation that cuts spending and balances the budget and then dare the senate to vote against it. >> sean: all right. mr. mayor, good to see you. appreciate you being with us. >> go
you can expect to see these confirmation hearings will be a proxy for the looming debt ceiling debate and other debates going forward about the administration's fiscal plan. >> woodruff: jared, whator all does this choice say about what the president's priorities are when it comes to the economy? >> i think it says two things. one is that the president wants jack lew there for these upcoming fiscal deadlines. the sequestration, the debt ceiling, things like that. he knows that jack is not just a tough negotiator and i think this next point has gotten mixed he's a successful negotiator. i know republicans are complaining because he took a tough line back in 2011 with a lot of tea party folks but in fact he's been closing deals for 30 years the second thing is jack understands what it means, a very important part of the president's second term agenda. he understands what it means to get our debt on a sustainable trajectory. there's a lot that has to happen for that to occur. we've gotten a good chunk of the way there but in order to complete the deal so that our debt stabilizes over the
ceiling debate last time when we came to the edge of crisis, grover norquist was out telling everyone, you know, we're spending $120 billion in a country with $14 billion of gdp, and grover norquist put a fissure down conservative support for the afghanistan war. when that happened, you had progressives against it. that really changed the dynamic. we -- i helped run the afghanistan study group, and our minimum threshold we thought was around 20,000 residual troops. it's astounding to see the president say no on 15,000. now john allen has come out, general john allen, with his scenarios all basically less than 9,000 troops. >> it could be the zero option. >> well, that's more about sending karzai a signal. >> it's a bargaining chip. >> that you don't -- there's a certain amount of america bashing that we'll tolerate. he needs to survive. he can't survive without troops. those troops are there to prevent an overthrow of the kabul government after we draw down. >> we talk about his plans for trying to dictate who his successor is since he is term limited. what are the choices? >> i think any
? the american public isn't as tuned in maybe to, like, the debt ceiling debate or at least not the -- they did not used to be, whereas the minting of $1 trillion coin is out of duck tales. >> if you were going to do this, i don't think you would, for instance, like make a big deal of who is on the face. i don't think you would have a design competition for it. i don't think you would go parading around holding the trillion dollar coin. >> what if you lost it? >> yes, exactly. or my heist film that i'm writing about this. what you would do is come before the microphone and say in order to insure that the government meet its constitutional obligations to pay its debt, i have directed the treasury of the secretary to legal the necessary steps to make sure we can pay our debts. that's it. then all the coin stuff happens in the background, right? you don't want to turn it into this cartoonish -- >> nobody will notice. don't even talk about it. >> people will -- might go crazy about it, but i would also note this. monetary innovation is a tremendously important free line in american history. abraham
ceiling debate. but a growing body of evidence hidden in plain sooigt suggesting republican leaders are coming to -- may not be able to execute it. sir, it's great to have you with me this morning. what happens to the leverage that republicans said they had coming up in the next fight? is perception really not reality? >> no, i actually think they have a great deal of leverage. it's not just the debt ceiling but the sequester and the continuing resolution that funds all of the government, all of which hit within basically 60 to 90 days. i think that does give that and plus, i think the public knows there needs to be serious spending cuts and entitlement reform. we're on much firmer footing than before and much more united as a party. it's up to the president to make pretty serious concessions. >> is the boehner rule going to be in place here, the boehner rule being every dollar raising the debt ceiling will require one dollar of spending cuts over the next ten years. do you think john boehner can deliver on that to his party? >> i think he absolutely can deliver. he delivered on it
for a second, wheng we get through the debt ceiling debate, is there something that feels like a pro-growth agenda? are we going to have the issues under control? is it enough to get businesses confident in the future? and i think when we get through this, we'll be left with a 2% economy, 4% earnings growth, and it's going to be okay, but uninspiring. >> 4%, 5% earnings growth, plus 2% for dividends, that's not a bad year for the s&p. it'll get you to 1,550? >> we are in a mid single digit equities environment. it's not horrible as long as you're not expecting something that's, you know, that's 10%. >> look at some of these releases. i'm very impressed with the isms for services. very impressed with capital goods, factory order spending, factories isms, even the employment report showed good hours worked in income. are we underestimating the economy? forget washington, put that aside. >> are you underestimating the economy? it'll be 3% instead of 2%? >> it could be. let's put it this way. if you look, for example, at the cbo budget numbers, they are looking for this thing to get to 3
this debt ceiling debate to have? >> we're quite worried about it. we hope they don't shoot themselves in the foot. the good thing is the market saw in december even though there was a lot of fighting, ultimately they did the right thing so maybe it doesn't have to sell off as much before. >> i'm sorry, what does that mean? shoot themselves in the foot? does that mean they should do the right thing and stop borrowing 1 trillion a year. >> michael, you're right. we already shot ourselves in the foot. >> shooting ourselves in the foot would be coming up with a deal before the deadline, not a week after the deadline after they scare the bejabers out of everybo everybody. >> in 2011 they raised the debt ceiling and promised to cut $1.2 trillion. guess what? they punted on that one. now they are one sequestration in arrears. they owe us two and we're not getting any. that's not shooting ourselves in the foot. it's shooting our children in the head. >> i would argue that they did the -- i would argue they absolutely did not do the right thing. they probably should have let things lie and sta
year choppiness and then you can settle in and do something once the debt ceiling debate is figured out and get some of the issues out of the way. >> we've lived in this environment for the last 18 months, one big disaster after another. everyone is waiting for the policy response, comes at the 11th hour and 59th minute. this is a pattern everyone has gotten used to but the fiscal cliff and the debt ceiling are the last big tail risks we think of the tail risks that we have to worry about, saw we would say once we get past that over the next several months we think it will lift a little bit of a cloud and investors will take risks. >> good to see you. >> good to see you. >> thanks so much for joining us. >> bob, thanks to you as well. ten minutes to go before we close it up. the dow jones industrial average holding on to a gain of 50 points. >> well, this herbalife soap opera is continuing. herb greenberg is coming up. all over the big move in the stock. take a look. up 3.25% right now. we'll show you what's behind it. >> and can you believe the iphone was only introduced five years ago
higher. nathan, you've got the debt ceiling debate on the horizon, even if we get another credit downgrade. you don't think that's a big risk either. >> look what happened when we had the last credit downgrade, maria, did just fabulous. bonds you'll get the coupon. look for a 9%, 10%, 11% return or you'll be very disappointed. i agree with rick, and i think what we'll get mostly is the coupon off the bonds. i still like large cap. i'm about 65% in large caps here in the united states. the rest of it is in large caps, in europe and over in asia, and i think that's particularly emerging market debt and emerging market stocks. i like those. we've also increased our stock position by about 5 p. my guess is that this congress is going to give us a few more opportunities, maria, to be buying as a dip before we get to the second half of the year, and when i find myself agreeing with merrill lynch as an independent adviser, i don't know, but i like what kate moore had to say. >> what you're saying basically is you've got to be in the market but look for the right places because we'll see
under president obama. does this please help him and that debt ceiling debate which he will be a key figure in if he is nominated? >> i think the president is nominating him for the debt ceiling, entitlement and tax reform debates. this is exactly why jack lew is being capped. cheryl: jack lew has come out in the past and spoken publicly about debt reduction. that does not seem like something the president wants to address. he will be looking for more revenue to address the debt ceiling. can he effectively as a guest to his boss while managing the expectations of republicans? >> that is one of the fundamental problems here. i am not saying it is unimportant, but it is of secondary importance of who is president. he is not an independent actor. he put a deal for that was laughable. i think geithner was never given the room to negotiate beyond that. to me, the question is, if jack lew had the authority to negotiate issues, that is a second thing. if the president sent them off with no ability to negotiate and the president starts with we do not have a spending problem and it is all rev
cliff, what is next? we expect, of course, a vigorous debate over the debt ceiling. by late february and early march they have to decide whether or not to raise the ceiling or risk economic chaos. the automatic spending cuts put off this week will hit march 1st. the deal only delayed them, so it didn't really solve the problem. funding for the government runs out on march 27th unless a new revenue bill is passed. >>> with all that is coming up, we want to bring in alison kosik in the new york stock exchange to talk about how people are reacting to the news. we know there's a higher payroll tax everybody got hit with here, but there were some breaks for a lot of families. so how does it balance out? >> here's some of the positive that came out of all that political posturing. the fiscal cliff deal did include some savings for families and in some cases it could amount it to thousands of dollars. these are mostly for low income families. the first one out of this is it preserved the child tax credit. that's about $1,000 credit per chi child. this is for people going to college. this gi
the country's debt ceiling without debate. she told face the nation viewers the president has the 14th amendment on his side which states the nation's debt shall always be paid. she says that she and the democratic party will continue to focus on growing and supporting the middle class. >> the class is the strength of our country. and those we have to strength strengthen it and help those who aspire to be it in, be in it. but it's about a sense of community. and this is the epiphany i want them to have, not just we're only here for the wealthiest people and if it trickles down, that's a good thing. if it doesn't, so be it. that's the free market. that's not how we see it. >> pelosi met with hundreds of constituents and colleagues today for the annual new year's celebration in san francisco. meteorologist rob mayeda here. it's probably a good thing that nancy pelosi held that meeting indoors today. >> if you look at today's highs, it roi cool day around the bay area. interesting, the coolest temperatures we had, parts of the south bay and east bay where the clouds really didn't clear ou
to that before you do. okay. the president on this whole upcoming debt ceiling debate again. >> obama: one thing i will not compromise is whether or not the congress should pay the tab for a bill they've racked up. if congress refuses to give the united states the ability to pay its bills on time, the consequences for the entire global economy could be catastrophic. >> stephanie: mitch says it is a shame we have to use whatever leverage we have in congress to get the president to deal with the biggest problem confronting us. it is a shame. it's a shame we have to take hostages again but we have to. >> the tax issue is finished, over. completed. that's behind us. now the question is what are we going to do about the biggest problem confronting our country? and our future. and that's our spending addiction. it is time to confront it. the president knows that. he's mentioned it both publicly and privately. the time to confront it is now. >> we have to get rid of the free loading old people. sick people. >> stephanie: he suggested making them into mulch. right. sorry. >> save lots of money that way.
revenue and spending cuts. to be a part of the debt ceiling debate. spending cuts must be balanced with reforms to our tax code. the wealthest and biggest corporations shouldn't take of loop holes and deductions. it is settled when they raised taxes on the rich . now they want to focus on spending cuts . they are likely to have more leverage . the if the is democrats refuse to take a meaningful statement to make washington live within its mean. that fails to acknowledge what every family knows. when you have no more money in the account and credit cards are maxed stop. that made employers less likely to hire. we can't afford that uncertain ty even with the threat of a default. it could trigger a global recession . >> tomorrow on fox news sunday. john roberts with chris wallace . his guest republican jim jordan from ohio and democratic chris van hollen. check your time for times. >> fox news confirms that and it is chuck haggerty. and james rosen has this report. >> jamie, good evening. two democratic sources confirm to ed henry late yesterday that president obama settlod chuck hagg
about the debt ceiling debate? we are about to go through another round of arguing in washington. what do you think they should do to stimulate and build jobs in this country which we still don't have on a meaningful level? >> just get it done is what they should do. it is not just the debt ceiling. it is the point of live ridge. the issue is how much are we going to cut from federal government spending to get the budget deficit in line with what it needs to be on long-term basis and they are already squabbling over that. the other king is talking about discretionary spending and entitlement represent 60% of overall outlays. we really cannot get to the promised land unless we also addressed the entitlement situation which of course is politically unpopular because politicians, threaten their job security. cheryl: what do you say? should we address retirements? >> fiscal cliff 2.0, some people like talking about it today. we have to be careful. we can't take a stir approach and have across-the-board cuts. we have to make sure we minimize the adverse effect on middle income families. for
running. the debate is about the debt ceiling. ke sequester and budgets. no learning for lew. he is qualified to take on the budget battles about to engulf washington right now. on the money menu, china sees trade soar in diagram. before you change the channel, understand that china's gain is a sign that things are picking up here in the united states. exports jumped 14% at the end of the year compared to 12 months ago. that's important because the economy has been slowing down for seven quarters likely because of malaise. i have been saying things are starting to look up for the u.s. economy in 2013 and a boost in imports is one of the indicators that tend to confirm the sentiment. the one thing that could ruin this is the battle on capitol hill. democrats and republicans resulted to tactics that cost the u.s. the iron clad credit rating. the economy suffered. president obama will want the tax revenue hikes to any spending cuts that republicans insist on. to do that they would have to tap into politically sensitive deductions and for perspective, the deducks and exclusions cost
the debt ceiling debate. i don't think it's a debt ceiling debate, but a debt debate. the question is simple. do we want more debt or less debt? people like ted cruz and colleagues in the senate say we should have less debt, and republicans want less, the democrats want more. the insane thing to do is to continue on the path we're on. >> host: endorsing the idea of shutting down the government in order to get what the republicans would like? >> guest: endorse the idea of responsible behavior. you know, the only thing more irresponsible than shutting the government down is continuing to suffocate ourselves in debt. we have $16 trillion in debt. we have an annual deficit over a trillion dollars every single year, and we have $86 trillion in unfunded liabilities that we have no idea how to pay. the previous guest talked about raising taxes on rich people. the fact is you can take the net worth of every single american, take all of their money in their bank account, their homes, their cars, take everything, and you would be 30% short of the promises already made. you can't tax your way
to have a debate with congress over raising the debt ceiling and making sure america can pay its bills, but as we saw the last time, that's not really up to the president. >> yeah, now, first thing's first, the house taking up the sandy aid bill today. how is this different than what they've considered before or haven't considered before? >> well, the thing is the senate already passed a bill. what the house is doing is breaking it into two pieces. after they reached that big deal to avert the fiscal cliff, postpone it, really, a lot of house republicans, especially from new york and new jersey, were angry the speaker did not put on the floor a vote for sandy aid for these relief victims. they're going to vote later this morning on a bill. about $9 billion for the national flood insurance program. that's to be able to give money to that program so it doesn't run out. fema has said that money would run out starting next week at some point. the idea is to vote on that today and then on january 15th they'll vote on another $51 billion in general aid. so today's the first of two votes. >>
of sequestration to the debt ceiling debate. now, you know, some in congress have said for every dollar increase in the debt ceiling we want a dollar in spending cuts. by the way, sequestration is a result of that same philosophy the last time we hit the debt ceiling. the republicans in congress at that time said that they wanted spending cuts to equal the amount of increase in the debt ceiling. congress could not agree on what specifically to cut for that full amount, so we came up with sequestration as a forcing function to make that happen. so these are, sequestration cuts are cuts leavitt over from the previous debt ceiling increase. now we're facing another moment where every to increase the debt ceils. if you want to increase the debt ceiling enough to give us about a year of operating time, that'd be about a trillion dollars. if you want to completely offset the cuts in sequestration with other deficit reduction, that'd be another trillion dollars. putting these two on the same timeline doubles the problem. i'm not confident congress can come up with another $2 trillion in deficit reducti
of this is going to get wrapped up in the debt ceiling debate? >> i hope a lot. >> which he has said he won't negotiate on and is clearly trying to separate these issues? >> i think instead of saying what we won't do for the next two months let's have a president and those of us on capitol hill say what we will do and what we ought to do is work together to do what everybody knows needs to be done. this is what nobody wants to talk about. nobody wants to talk about. the president has not made a proposal on this. he keeps talking about a number but he's never done what senator corker and i have done, which is say, here's exactly what we need to do. he needs to provide that leadership. if he does, it will happen. >> senator, this is arthur brooks. i got a quick question for you about what i think is probably the easiest, most commonsense of reforms that you just talked about, which is matching the retirement age for medicare up with the retirement age for social security, which is moving up from 65 to 67 and i know that you're in favor of that, and so is virtually everybody who is looking at
politics. a new reaction today to the debt ceiling debate. on "meet the press," senate majority leader mitch mcconnell said they will not raise tax revenue again. he says instead the president should start working with congress to cut down on the deficit. >> the question now is will the president lead? why should we have to bring him to the table? why isn't he leading us in the direction of beginning to solve our long-term debt and deficit problem? it's perplexing to me that the president of the united states elected to lead the country is so reluctant to engage on the most important issue confronting our future. >> democratic congressman chris van holen, ranking member on the budget committee, was quick to respond. >> if senator mcconnell is going to draw the line in the sand, it's going to result in gridlock. we have to take a long-term approach to deficit reduction, meaning additional cuts. you remember during the campaign, you saw the republican candidate and paul ryan talking about all those tax breaks and loopholes in the tax code that disproportionately benefit wealthy people. g
the debt ceiling debate on capitol hill. a trillion dollar platinum coin? this was mentioned by a new york times economist. a loophole could have the coins that could be deposited to pay the nation's bills. the white house says they are not taking it seriously. nice idea though. >> wish i had one. it is 8:27 right now. it's a thursday morning and still ahead at 8:00, shut out the baseball hall of fame decides not to induct any players. why everyone struck out. >> dc's mayor says there's some talk about the redskins moving back into the district. that comes with a catch about the team's name. we'll be right back. >>> defense secretary is welcome being to the pentagon in about an hour and a half. then meeting secretary of state hillary clinton and have dinner at the state's apartment tonight. sits down with president obama tomorrow at the white house. talking about how many u.s. troops will stay in afghanistan. >> a u.s. drone in pakistan killed five suspected militants overnight. happened in the northwest tribal area which is a main hide out. the missile attack is the 7th one in the last co
secretary. if confirmed he will have to jump into the debt ceiling debate. that will be trial by fire, isn't it? rich edson is live at the white house. >> this is the reason why he is selected. he has really been a budget person here in washington for the past 30 years. he was budget chief under the clinton white house and obama white house. he has been in all the particular budget fights especially next to president obama with the debt ceiling year-and-a-half ago in most recent recent round. according to folks early in the week telling us at fox we would get announcement by the end of this week that jack lew would likely be the next treasury secretary pick from president obama. we don't have much week left. on friday the president of afghanistan, hamid karzai is expected to be here at the white house. that has us all looking at tomorrow as the official date for this. the reasoning behind that, yes, he has been in on all of the budget fights. he spent all of last few years really of his career in washington, d.c. in the federal government. he spent a few years at citigroup. he was the chie
in washington. cheryl: that's interesting. we'll wait for the debt ceiling debate, which i know many of you watch at this point, but at the same time, let me ask you about this. you mentioned housing. we have numbers from wells fargo, and i wanted to follow-up with you. a big piece of the business is mortgage lending, especially in the western part of the united states seeing an overall pickup. is that a bullish sign? >> extraordinarily bullish, okay? households are starting to reemerge and relever their balance sheet which is actually what dpsh go back, okay, what created the financial debacle in the first place is there was a curtailment of debt, and now it's reemerging and that should create an e quill lib yum within the credit system forcing the u.s. economy to grow in 2013, but we expect that in the later half of 2013. cheryl: the consumer's balance sheet, we have retail numbers out for december, and it was a rough fourth quarter, and i think that that's got some concern about the consumer overall, and if they are going to continue to power some of the big down movers we are watching.
as this week. former fdic chair sheila bair is here on what that could mean for the debt ceiling debate. >>> another day, another bank call. this one, though, in the opposite end of the spectrum from what we've gotten recently. credit suisse downgrading bank of america citing valuation cause for concern. pleasure to have you with us. >> thanks for having me. >> seems like the primary driver behind this is the huge run we've seen in bank of america, the fact that right now it's trading at a multiple of 2013 earnings that exceeds jpmorgan as well as citi. does that imply that where citi and jpmorgan are trading, is that where bank of america should be trading? >> no, it's not at all. because bank of america does have a lot of cost reduction opportunities. on 2014 estimates, it's only one multiple point difference than 2 1/2. it narrows over time. but the issue really is, you know, are those cost cuts going to come in a straight line and could there be any interruptions. >> this almost sounds like a trading call at least for the near to intermediate term to switch out bank of america and g
. but there are still plenty of financial problems for lawmakers to tackle. next up - the debate over the debt ceiling. republicans say they don't even want to talk about it, until president obama is ready to start talking about spending cuts. but as brian todd reports, the president could get the money he needs to keep the government running, without any help from capitol hill. >> the president says that he will not to negotiate with congress over lifting the debt ceiling. >> will not play that game. >> the president might not want to have this debate but he is going to have because this is what the country needs it. >> is there a magic bullet to solve the crisis? " what a magic going. some legal scholars are suggesting a one trillion dollar platinum coin you could be minted. if they could use that to pave the debt. to pay the debt-- and it sounds silly but it is absolutely illegal. >> why do think that it is a a? >> i think that it is better than a government shutdown or the bad alternatives. >> technically it appears to be legal. the u.s. government print money but how much paper can be in circulat
earning more than $1.3 million a year to pay 75% tax. >>> a debate over the debt ceiling is heating up. >> people say i'm not going to pay my bills unless you stop buying stuff. well, stop buying stuff so you don't have a future bill. >> the fight on capitol hill over spending cuts. >> and the new legislation aimed at preventing mass shootings. >> and a massive brawl at a louisiana mall. ♪ [ female announcer ] no more paper coupons. no more paper lists. [ dog barking ] ♪ no more paper anything. safeway presents just for u. ♪ save more. save easier. saving more, starts now. just for u on the safeway app. . >>> the so-called flash mob in louisiana this weekend ended in a millionee and emptied an entire shopping mall in baton rouge. according to witnesses about 200 young people gathered in the mall's food court and apparently answering a notice on a social website. a fight broke out and people started to run and jam exits. there were reports of arrests, but no reports of serious injury or damage. >>> president obama faces a full agenda as he returns from vacation. the president
ties any resolution of sequestration to the debt ceiling debate. some in congress have said that for every dollar increase in the debt ceiling, we want a dollar in spending cuts. sequestration is a result of that last -- of that philosophy the last time we hit the ceiling. they wanted spending cuts equal to the raise in that that ceiling. congress could not agree. that is why they came up with sequestration. sequestration cuts are cut left over from the previous debt ceiling increase. now we are facing another moment where the debt ceiling needs to be increased. if you want to increase it to give us a year of operating time, that would be about 3 trillion dollars. putting these on the same timeline doubles the problem. i'm not confident that congress can come up with another 2 trillion dollars in deficit reduction by that deadline. with the fiscal cliff, relative to what would have happened if all of those programs had been extended, what they ended up passing reduce the deficit by less than one trillion dollars. look at how hard that was to achieve. less than one trillion d
. lori: never know looking at interest rates but there is new urgency on the debt ceiling debate after a just released report warning the u.s. government may default on its debt two weeks earlier than initially expected. the bipartisan policy center think tank is warning that the federal government may default on its debt as early as valentine's day. that is no love letter, february 14th. the government hit the $16.4 trillion debt limit on december 31st. the treasury department is taking extraordinary measures to stave off default. you can bet we're all over this one. melissa: i know. stay tuned. sounds like the ultimate case of ingratitude. aig's board is meeting to consider joining a big lawsuit against the u.s. government which says aig's controversial $182 billion bailout cheated aig investors. of course there is a lot more to this story. here's liz macdonald with emac's bottom line. >> there is news on this right now at this very hour. reuters is reporting that now the white house is out defending the bailout of aig. what is happening aig is confirming to fox business the board wi
. the deal also did not tackle the impending debt ceiling, a debate that will likely consume congress in the months ahead. joining me from washington, david leonhardt, he is the washington bureau chief of the "new york times." from chicago, austan goolsbee, a professor at the university of chicago booth school of business and previously chairman of the president's council of economic advisors. i'm pleased to have both of them back on this program. david, let me begin with you and tell me exactly where you think we are having that january 1 up to the last minute deal. what is the order of business for the executive branch and the legislative branch to do something to develop some sense of predictability and certainty and a road map for the future. >> well, we just missed a pretty substantial opportunity thief happen because i think the bigger deals that were on the table that president obama and speaker boehner were talking about would have removed some of these up coming deadlines, like the debt ceiling. and they didn't get one of those bigger deals. instead they got something in whic
was the chief of staff. it seems for the next six months or so between the debt ceiling debate, the sequestration debate and the new budget that hopefully we bring in, that is going to preoccupy washington. he doesn't really have a lot of experience on the regulation side of things, which may cause some people on wall street to be concerned. but we're not really in a political environment, brooke, where the -- neither the white house nor most people are concerned with whether or not wall street likes the pick. but he is -- he's a guy who had experience. he was involved in the 1997 balanced budget deal. he's been involved in social security legislation. all the topics that are hot right now, jack lew does have experience with. >> you mentioned sequestration, of course. we have a couple of fiscal cliffs over the next two months. do we have any idea what kind of negotiator he'll be and he'll drive a tough bargain with the speaker of the house, john boehner. >> as the chief of staff of the white house, that's a key issue. you got to be able to be tough, you got to be able to negoti
get ugly. president obama has vowed not to debate the debt ceiling, and boehner says he won't negotiate one-on-one with the president again. that doesn't sound promising. joining us is john yarmouth of kentucky. nice to see you again. >> good to see you, alex. >> is the nation looking at yet another 11th hour and 59 minute nightmare coming at the end of february for raising the debt ceiling? >> well, i suspect we are. and it's very unfortunate. one of the things that is mind boggling to me, many of the republicans who are talking about this debt ceiling and not raising the debt ceiling are so disingenuous, because last year, they all voted with the exception of ten republicans in the house, voted for the paul ryan budget which raises the national debt by 3 trillion over the next ten years, you can't be for a budget that raises the debt by 3 trillion and then say you don't want to raise the debt ceiling. you can't make those match. >> what's going on? you make a very good point. what's the ideology behind those folks? >> well, it is ideology, but also just -- essentially exto
. >> and the latest read on how small business owners are coping with the debt ceiling debate, and what it means for the economy. second hour of "squawk box" starts right now. good morning and welcome to "squawk box" here on cnbc i'm andrew ross sorkin along with joe kernen and becky quick. take a look at futures. see how the market is setting up today. red arrows across the board. dow looks like it will open off about three points. nasdaq and s&p 500 marginally lower. we also have some executive changes to report prominent in the headlines this morning. dell's senior vice president for corporate strategy david johnson is leaving to take a senior position at the blackstone group. johnson joined dell in 2009 from ibm and you might remember this. it was a controversial move. ibm had announced an unsuccessful legal challenge to keep johnson from joining dell in the first place citing a noncompete clause. also this morning sears chief executive louis deambrose yo is stepping down on february 2nd. citing family health measures for the reason. chairman eddie lampert has been taking over as the ceo pos
, rush limbaugh took a swipe at me last week because he doesn't agree with my take on the debt ceiling debate that's about to consume washington and the country again. he's accused me of being, quote, a low information reporter because i dared to say what the debt ceiling law isn't. >> i think it is a debt limit as your monthly credit card limit. you can't go over it on your credit card. and the united states government can't spend more than what its credit limit is or debt limit. ali velshi of cnn says that has no relation to spending. >> that's just the best part. he went on for about 11 minutes. let me explain again to rush, a bill involving money was passed, the treasury had to raise money for it by issuing bonds. since the u.s. has rarely had a surplus. the debt ceiling law was established to give treasury the flexibility to borrow chunk of money without going to congress to get approval every time a law was passed. it had nothing to do with spending control or debt control. it was a technicality, most functioning countries don't have any such thing because they understand that if
in the debt ceiling debate that is coming, despite the fiscal cliff deal that saw taxes go up 77% of americans. nancy pelosi says it is not enough money really that was garnered through that deal but republicans vehemently disagree. they say it is time to get serious about cutting spending. watch some of this. >> in this legislation we get $620 billion, very significant, high-end tax, changing the high-end tax rate to 39.6% but that is not enough on the revenue side. >> the tax issue is finished, over, completed. that's behind us. now the question is, what are we going to do about the biggest problem confronting our country and our future and that's our spending addiction. it is time to confront it. martha: all right. joined by charles payne, fox business network contributor. charles, good morning. >> good morning. >> good to talk to you. what is your reaction to that back and forth? >> listen, martha, we know they're setting up for the battles, debt ceiling, sequestration and even the continuing resolution. it is interesting on a deal almost everyone agrees white house won big-time, 40 to one
don't want a shutdown, but we have to have real savings and reforms before it can have a debt ceiling debate. host: and the debate over the filibuster rule is something the senate will be taking up, harry reid setting perform needs to take place. some freshmen members, seven of the nine freshmen democrats say they support changes to the filibuster rule. guest: i think there will be some changes to the filibuster rule. we have been working on it. the majority leader in the senate and the minority leader are negotiating already the changes right now. i think it has to be done in a way where you continue to have a filibuster, but you have some changes that would ensure minority rights are represented in the senate, so you have the kind of policy coming out of the congress that has broad based bipartisan support throughout public. we are talking about addressing these big challenges. we're talking outperforms to entitlement programs. when we talk about tax reform, when we talk about finding real savings to get on top of the debt and deficit, when we talk about a balanced budget amendment,
a shutdown, but we have to have real savings and reforms before it can have a debt ceiling debate. host: and the debate over the filibuster rule is something the senate will be taking up, harry reid setting perform needs to take place. some freshmen members, seven of the nine freshmen democrats say they support changes to the filibuster rule. guest: i think there will be some changes to the filibuster rule. we have been working on it. the majority leader in the senate and the minority leader are negotiating already the changes right now. i think it has to be done in a way where you continue to have a filibuster, but you have some changes that would ensure minority rights are represented in the senate, so you have the kind of policy coming out of the congress that has broad based bipartisan support throughout public. we are talking about addressing these big challenges. we're talking outperforms to entitlement programs. when we talk about tax reform, when we talk about finding real savings to get on top of the debt and deficit, when we talk about a balanced budget amendment, that takes n
to the debt ceiling debate that we are going to be having. he hhs been intransigent, certain republicans down it came to any sort of meaningful spending cuts in the fiscal cliff. ashley: giving her the last word, do you think jack lew is the man? >> i do. negotiating tip o'neill and ron reagan, newt gingrich and bill clinton. this is someone who knows how to bring both sides together and get a deal done. ashley: we have to leave it there. thank you so much, kate obenshain and penny lee. thank you for joining us. >> thank you. ashley: always want to debate. tracy: sure is. ashley: lots to talk about. tracy: for a while now. a valentine's day, which, a lot going on. all right. cheryl take as to the last hour "countdown to tmyhe closing bel" is next. ♪ i honestly loved smoking, and i honestly didn't think i would ever quit. [ male announcer ] along with support, chantix is proven to help people quit smoking. it reduces the urge to smoke. it put me at ease that you could smoke on the first week. [ male announcer ] some people had changes in behavior, thinking or mood, hostility, agitation, depr
of intransigence. that the damage that came out, the the summer of 2011 with the debt ceil ceiling debate, the public didn't engage deeply with that policy debate was they sniffed out -- because they sniffed out very early on, they saw this was a purely symbolic debate. there really were no merits to why the debt ceiling should or shouldn't go up. it was being used as a political tool to make other political arguments. and people were very frustrated about that, and the republican party or took the brunt of the blame for that. nobody came out of that debt ceiling debate looking good. obama's ratings went down, but the republican party's ratings went down much further. and that was when we first really started to see a wider opening in the gap of for perceptions of the two political parties, the leaders of the two political parties. and the republican party has not overcome that image now, and they're going into a very similar debate from the public's perspective now playing at least to this point a very similar strategy. and it's probably, you know, not going to work terribly well for the
the debate and frame it in terms of we are willing to raise the debt ceiling if the president will work with us to address spending cuts, i think that's a winning political argument. >> i think it's very interesting. i am worning your take and the fact that the way that this deal was constructed over the cliff, the debt ceiling and the sequestration are bog going to happen around the same time. to me, that sets the stage -- finally -- and this is the optimist, for a big deal that takes care of both of those things. am i naive or can you imagine a scenario where the deal is done and our major fiscal issues are solved with one, big bargain? >> i feel like i am talking to john lennon. i want to imagine a perfect world where we can all win. you can protect the powerful and you can also protect the weak, protect the people. i want to see that happen. look, let's face facts. the $16 trillion debt we have right now -- we rescued the banks to the tune of more than $16 trillion. i am trying to find a way for us to both win together. i think there is a way for us to do that. but we have to put th
. the president says he isn't going to have a debate with us over the debt ceiling. he also says he's not going to cut spending with along with the debt limit hike. citing a poll by david winston says that any increase in the nation's debt limit must be accompanied by spending cuts. texas senator john correspond anyo cornyn threatened a partial government shutdown. the coming deadlines will be the next flash points in our ongoing fight to bring fiscal sanity to washington. it may be necessary to shut down the government in order to secure the long-term fiscal well-being of our country, rather than plod along the path of greece, italy and spain. president obama needs to take note and put forth a plan immediately. and pat tume voiced the same sentiment in week earlier on "morning joe." >> our opportunity is on the debt ceiling. the president made it very clear. he doesn't want to have a discussion about it, because he knows this is where we have lev range. we republicans need to tolerate a temporary partial government shutdown which is what it could mean and insist we will get off the road to gre
, a number of issues going on, gun control, the debt ceiling debate, immigration reform, another issue. you've been very outspoken on it. it will come up in the next few months hopefully. the way you talk about immigration, mr. mayor, the whole debate about immigration reform is on the scales of what kind of burden does immigration pose to the country, how do we manage the burden. you said, it's not a burden. a jolt to our economy. >> most knowledgeable people would agree immigrants create jobs here. immigrants are a thousand times more likely to have a business, don't take away jobs, create jobs. seasonal workers take jobs from nobody and do things americans won't do and create jobs down the road. the economic benefits of having immigrants around the world, the countries starting to eat our lunch doing it because they want immigrants and we are trying to keep them out. the issue where it gets controversial, family reunification, you're here an want to bring your family over. the family reunification people are trying to hold the economic immigration changes hostage until they get some of t
the idea -- >> could this point that the debt ceiling debate is a silly accounting discussion? so why shouldn't we use a silly accounting gimmick to solve it? which is that you already have appropriated this money and the idea that you have to then go back and give treasury the authority to print money to borrow for it is artificial. it's just a game. and so why wouldn't you then use another game to counter? which that -- >> of course a dumb idea and a dumber idea don't make a good idea. >> that's true. >> they do to come. >> no, i understand. >> some people really are buying into it. i can't believe the number of e-mails i'm getting from people trying to kick the tires on that nonsense. that financial high poth carry measure. >> the one that you have is fake. this is real. this is a $100 trillion zimbabwe bill. look, we got to get real. we've got real fiscal problems, tax and spending, we've got real monetary problems -- my view is -- >> -- may view is we ought to eliminate the debt ceiling. we ought to substitute statutory budget controls and a debt-to-gdp -- >> david, it gives the
about the fiscal cliff, and now the debt ceiling debate coming. do you agree, is there a lack of leadership there, and conceivably what can be done to change that? >> i think what we've got is an organization, leaders in washington, who have lost sight of what their mission is. their mission is to serve the american people to get certain key things done. budgets passed, agreements done. and i think that people have got to understand the greater good is more important than the individual gain that they might make, posturing, or whatever. i think it's a real problem. >> as part of what may end up being yet again another potential compromise, we may see spending cuts significantly for the defense budget. do you think it can handle that, what you've seen in afghanistan and iraq as well, that we can cut defense spending meaningfully? >> i think every part of the u.s. budget is going to be cut. i think defense should or will not be exempt from that. it forces tough choices. but that's what leadership's about. it's setting priorities. and that means we're going to accept some risk. b
had a great discussion in the 7:00 hour, about, you know, how do you gauge the debt ceiling debate? we did the fiscal cliff. they did a deal. how worried should i actually really be about the vault? i want to be optimistic here that we come off a little bit and at least, in part, taking what rick said about the optionality, at least in part we've come -- >> that's in terms of butter boiling? >> right. >> you're not sitting on some big festering boil. we've come off the boil, which is at a boil for water -- >> folks -- >> right in there how i should respond. >> i'm not going to say anything. >> viewers -- >> i want to know the expression. >> i don't have a clue how to respond. >> i've never heard that expression before. come off the boil. >> you've been sitting on a boil -- >> i think -- >> all right. >> i'll respond any way you like. >> rick, steve, and scott nations. you can catch scott on fridays on "options action." >>> coming up -- >> the hottest new tech gadgets you can't live without. the consumer electronics show kicks off in las vegas tomorrow. you'll be hearing a lot about it.
will be short to snatch that to defeat from the jaws of that victory with a massive and messy debt ceiling debate. >> thank you, steve. >> sure my pleasure. >> thank you, rick. >> what are you going to say for the next 90 days then? >> i got nothing. >> when we come back we will be monitoring the ecb president mario draghi's news conference. we'll bring you the highlights as we get them. plus a retailer that is getting hard-hit. on weaker than expected holiday sales. i don't spend money on gasoline. i am probably going to the gas station about once a month. last time i was at a gas station was about...i would say... two months ago. i very rarely put gas in my chevy volt. i go to the gas station such a small amount that i forget how to put gas in my car. [ male announcer ] and it's not just these owners giving the volt high praise. volt received the j.d. power and associates appeal award two years in a row. ♪ we replaced people with a machine.r, what? customers didn't like it. so why do banks do it? hello? hello?! if your bank doesn't let you talk to a real person 24/7, you need an ally.
ceiling and the debates we've seen in congress. >> slow growth. >> our hands almost. really when you think of it that way. >> very much. >>> still ahead a couple of d.c. city leaders are headed to the white house today. why do you think that is? >> we'll explain right after this. >> plus a group of virginia lawmakers strike an early blow in the fight over the relocation of the fbi headquarters. we'll be right back. ha never encnteredch a bning . until had thshingles. r re of the side sry, visit shinesinfoom like sebody d set a ba of hot chaoal ony neck. hai's somethg youdch a bning . ner wanto encounteochickenpx >>> 5:09 out on the weather terrace. 39 degrees here in northwest but you know with light winds it's really very comfortable. i have the heavy coat on but the novembers are off. it's not a bad cold. that comfortable cold as you call it. we will see the clouds thicken up and this afternoon expecting rain showers around. by lunchtime 48. we'll get to 50 but stay in the upper 40s with the rain showers around for the afternoon and evening hours. let's go inside with monika samtani get
will not negotiate over the debt ceiling. >> i will not have another debate with this congress over whether or not they should pay the bills that they have racked up through the laws that they passed. >> reporter: if the president won't come to the bargaining table one top republican says it may be necessary to partially shut down the government in order to secure the long-term fiscal well being of our country. >> the yeas are 354. >> reporter: a preview came in the house where 67 republicans including paul ryan voted against $9.7 billion in aid for victims of superstorm sandy. >> shame on you. shame on congress. >> reporter: the fact that the rest of the storm relief is up in the air was a let down for new york and new jersey lawmakers, even the freshmen. >> i'm new here i don't know all the rules of washington but it seems like the rule here is to put off until tomorrow what should be done today. >> reporter: it was a return of the reality of broken government in washington. vice president joe biden was sworn in and hamming it up with their loved ones. we asked the vice president if thing
to come, could the debate on the debt ceiling in washington inflict pain at the pump? that's later on. but first, why it could be time to ditch the plastic in your life. the lowdown on the high cost of credit cards is next with bill moller. it is the new year, when americans make resolutions to save money and cut expenses. here's something you can do - in fact, should do right now: dump that high-interest-rate, high-fee credit card you're using, and find something better. bill hardekopf runs lowcards.com and is a respected 3rd party source of credit card information. bill, just how many different cards are there out there? > > bill, there are over 1000 credit cards in the united states, so there are plenty to choose from, and it can be very overwhelming to consumers. > but it is worth the effort, because you could save, apparently, quite a lot of money. how much? > > you sure can. we've had people e-mail us or call us and say that when they changed from one credit card to another, they saved over $500 over the course of a year. so it is certainly worth your effort to pick a good credi
will not negotiate around the debt ceiling. at the same time, republicans feel like they have much more leverage in this debate. they felt like they were kind of on the losing end of the last fiscal cliff fight with their position that could have caused some tax increases on everyone, including middle class americans. so they were in a tough spot. they feel like this is an issue where they have more public support. the issue that we need to cut spending and that we shouldn't just keep raising the debt ceiling. so those are the dynamics going into that fight. add into that that speaker boehner is in a somewhat weakened position coming out of a tighter than expected fight for him to be reelected speaker. he will be speaker again but had to overcome some dissension in his own ranks to get in that position. and it's not just the debt ceiling fight. rolled into that was the sequester, which was pushed back only two months as part of the fiscal cliff deal, and we have part of a government funding bill that's going to expire in march. we have a lot rolled into one fight here. >> we do, and we have anot
. if confirmed, he would take over the treasury department's before the white house and congress debates the debt ceiling. this is 15 minutes. >> ladies and gentlemen, the president of the united states accompanied by some of tim geithner and sap jack lew. >> men, everybody, please have a seat. a little more than four years ago, i stood with mr. tim geithner and denounced him as my first to my cabinet. we were barely two months into the financial crisis, the stock market have quivered, the housing market had cratered as well, a bank after bank was on the verge of collapse, and worst of all, more than 800,000 americans would lose their jobs in just a bad month. and the bottom was not yet in sight. i cannot blame tim when he told me he was not the right guy for the job. [laughter] extensivet tim's experience with economic policy made him qualified and i knew he could hit the ground running. as chairman of the new york federal reserve, he had just spent several sleepless and chaotic weeks immersed in the complexities of the crisis and had been working closely with his republican predecessor at treas
the debt ceiling was a bad idea when bush was president and said he would not vote for it. guest: with this a filibuster debate that is going on now in the senate between the republicans and democrats, if you go back and read the comments, they were reversed in 2005 when the democrats were filibustering george bush's traditional nominations. i think it is important to do these things on their merits. i think senator obama's vote was a mistake. if there is any truth in this town, it is that there is no dearth of blame to go around. host: how much time did you take to consider the caucus? guest: i did not make a decision during the campaign. i was asked a question almost exclusively by washington journalists. i was virtually never asked the question by people in maine. most people in maine did not care. they said, go down there and try to get something done. one guy yelled across the diner, i do not care who you caucus with. i am with you all the way. the first question was, could i be entirely independent, not join either caucus and be a free agent. that had some appeal, but based
on january 21 but with fiscal cliff negotiations half done, and another debate over raising the debt ceiling, some are saying he may stay on longer. a spokesperson is denying the rumors. >>> in 6 hours from now crews will get a look at the bay lights exhibit on the bay bridge. pictures here show a simulation. crews began putting in the lights on the bridge's west spannen september. a lighting -- span in september. >>> a rare sighting of a river otter is drawing quite the crowd. ktvu's lorraine blanco has more on the animal and how his hormones is why he might leave the bay area. >> reporter: dozens are making the trek down there hoping to get a look at a river otter. it is becoming a symbol of hope for all wildlife. >> reporter: he plays among the ruins. a popular spot for tourists. >> we were staying over here and we saw the otter. it was funny. >> reporter: sam first spotted in september was the first river otter seen in san francisco in decades. >> very playful. fun loving. >> he went down and did that a few times. >> i am standing where i think he might be building a nest and hoping he w
the ceiling debate came around. and if democrats want, the debt ceiling raise, they should have harry reid produce a budget. >> i don't mean to cut you off. but senator sessions is coming on this show later on. one last one. the boehner rule, you want to raise the borrowing rule i think it is sound fiscally and plitly. >> one to one seems equal right? >> but seems like this deal $41 in tax hikes per $1 in spending cuts with middle class taxes going up, i doubt that we are going to get that either. this president has made clear he not only wants the debt ceiling raised. let's not forget, he wanted the debt ceiling eliminated. that is the kind of negotiating that he is putting forward even though he said he is going to have to negotiate. that is what he said for a long time. if the gop plays his cards right and sticks to the spending see kwaester, i think that will put obama back think the defense. stick around. we have much more cooking for you. but look, i shothought obamacar was supposed to keep costs down. we are going to tell you why. later on, team obama going all out an gun control. i
that worries some people, though, is the upcoming debates over the debt ceiling is going to be even more contentious, much more contentious, possibly, than the fiscal cliff debate that we just had. how damaging might that be to the economy in your opinion? >> i think you're going to work things out. i don't see the government stopping. i think they are going to work out and get over this next cliff. i'm not sure it's a cliff. it's just a small hill to climb. >> a small hill to climb. i think you might be in the minority on that one, mr. broad, but i'll give it to you. tell me about the los angeles economy specifically. you said you think the economy overall is getting better. what about l.a.? >> l.a. is doing a lot better. unemployment is down. it's now in single digits versus double digits in the past. we've got a number of major construction projects, including our museum, including things happening at the airport and elsewhere. there are lots of companies coming to los angeles. there are a lot of people from los angeles wanting to move downtown to grand avenue where all the activity i
isn't going to have a debate with us over the debt ceiling. he also says he's not going to cut spending along with the debt limit hike. and then citing a poll conducted by republican david winston, boehner said, 72% of americans agree any increase in the nation's debt limit must be accompanied by spending cuts and reforms of a greater amount. the debate is already under way. number two, texas senator john cornyn took that fighting spirit even further threatening a partial government shutdown. he said in an op-ed, the coming deadlines will be the next flash points in our ongoing fight to bring fiscal sanity to washington. it may be necessary to partially shut down the government in order to secure the long-term fiscal well-being of our country rather than plod along the path of greece, italy, and spain. president obama needs to take note of this reality and put forward a plan to avoid it immediately. finally, pennsylvania republican senator pat toomey voiced the same sentiment earlier this week on "morning joe." >> our opportunity here is on the debt ceiling. the president has m
in 2011 get pulled into that debate. but republicans want a fight tying the debt ceiling to spending cuts required by the fiscal cliff. >> we're crushing today's small businesses and the next generation of americans under a mountain of debt. >> reporter: they see an opening at the end of february when the debt limit now $16.4 trillion comes up as to mandatory spending cuts in the tens of billions. >> it's time to face up to the fact that our nation is in grave fiscal danger. grave fiscal danger and it has everything to do with spending. >> reporter: with income taxes raised republicans contend they now own the spending cut debate. to complicate matters they will run out of funds by the end of march. the president can tell himself he's not trading spending cuts for an increase in the debt ceiling but he probably will be. at least indirectly. major garrett, cbs news, the white house. >>> you hear the term winter wonderland tossed around a lot at this time of year. this is the 29th annual ice and snow festival in harbin, china and all of the large scale snow and ice sculptures are built out
with a -- fix the fiscal cliff and deal with the debt ceiling? >> the fiscal clefted not fix the debt, and that was the big debate during the fiscal of conversation. is this affecting tax policy or is this about trying to pixar debt and deficit. there was a group that said let's fix the tax policy in deal with the deficit later. as supporters sang, we must deal with the debt and deficit which is the bigger issue. gerri: you voted against it. >> i did. gerri: what can we do about this? what can we do about this? >> well, we have three things. people will hear them thrown together by the senate and presidency, but there are really three different distinctly different things. the debt ceiling, the sequestration that has now been punted for two months, and we also have what is called a continuing resolution all will be abbreviated as a cr. all three are good moments to deal with spending. but they're all very different, not the same. sequestration is our agreement that we are going to cut spending, 100 billion this year. that got punted for two months as part of the fiscal cliff and will
widely as shoring up his left flank in the political debate over the debt ceiling. what they wrote was "we believe you must be willing to take any lawful steps to ensure that america does not break its promises and trigger a global economic crisis without congressional approval, if necessary." now the signers of this letter were harry reid, dick durbin, chuck schumer and patty murray. speaker boehner said "senate democrats cannot ignore their responsibilities for political convenience. and the american people will not tolerate an increase in the debt limit without spending cuts and reforms." larry, let me tell you what i think is going on here. i think these democrats are trying to send a signal both to the white house but also to republicans involved in this debate that they would like to see or be comfortable with the president going with what they call the constitutional option, which is challenging the debt ceiling itself on constitutional grounds based on the 14th amendment to the constitution which says that the debt of the united states shall be respected. so their argument
: are you worried about this debate going on in washington, the debt ceiling to my defense spending, sequestration, on and on. negative impacts in december. did you think those will hold the market back? >> policy mistakes and my number one concern, and that's from washington. the market here is that a very important inflection point. this could be what i call the point of recognition. valuations in the market based on bond yields verses equity yield since august of 2011 when europe was giving big problems. they rose to levels never before seen which show a tremendous fear on the part of investors. right now they're back in the lower part of that range. if we can break through that it shows that investors will not be demanding as much of a risk premium as thee have been. that would be bullish for the market. i think there's a good chance we see all-time highs this year in the s&p. gerri: give me one sector name you like and then we have to go. >> i did not get compliance approval for a name, but i'm very bullish on financials and on consumers. gerri: thagives us a lot to chew over a
with dynamite with the debt ceiling. >> is the glass full or half empty. >> tax increases destroy jobs. >> we always assume the republicans have the leverage in the debt ceiling negotiations. >> i will not have another debate with this congress. they should pay the bills they have already racked up. >> he is the president. >> class a statesmanship. >> it is the time to rise. >> will the 113th congress be any less dysfunctional than the 112th? >>> with the fiscal cliff or curve or slope or whatever you want to call it, i'm glad we don't have to have this debate anymore. newly -- with that behind us,
house after the president insisted earlier this week he will not negotiate over the debt ceiling. >> i will not have another debate with this congress over whether or not they should pay the bills that they've already racked up through the laws that they passed. >> reporter: if the president won't come to the bargaining table, one stop republican in the senate, john cornyn, says in an op-ed in "the houston chronicl chronicle", "it may be necessary to partially shut down the government." >> democrats warn, watch out. risking government shutdown, risking not raising the debt creeling is playing with fire. >> on this vote, the yays are 354, the nays are 67. >> reporter: a preview of that brinkmanship came in the house, where 67 republicans, including house budget chair paul ryan, voted against $9.7 billion in aid for victims of superstorm sandy. despite the tongue-lashing they got from new jersey governor chris christie. >> shame on you. shame on congress. >> reporter: the fact that the rest of the storm relief is now up in the air until a vote late thermowas a letdown for new york and ne
spending, we wouldn't have to borrow more money. the debt ceiling, last one could you say, the debate was messy. we didn't get a downgrade because the results of that debate didn't solve the problem. president obama, after he got his tax increase, the tax part of his balanced approach, when he came out and said, okay, now, the debt ceiling is off the table, not going to negotiate it -- >> because it's spent, right? $16 trillion national debt. that's money that has been committed by congress. it's been committed by the very people who will fight over whether we should pay the bills. you go ahead, say congress committed this money. february 15th, interesting on the debt. 9 billion coming in $52 billion has to be paid. >> $2.5 trillion revenue coming into an annual basis, which equals what we spent in 2005. so you have to increase the debt ceiling because we continue to run deficits. >> so we need a budget to move forward. >> how about do that with the senate? >> we haven't had a budget for four years? >> christine, the only time we've produced fiscal restraint in this country, the messy
in 2011, get pulled into that debate. but republicans want a fight, tying the debt ceiling to spending cuts required by the fiscal cliff. >> we're crushing today's small business and the next generation of americans under a mountain of debt. >> reporter: they see an opening at the end of february when the debt limit, new $16.4 trillion, comes up as do mandatory spending cuts in the tebz of billions. >> it's time to face up to the fact our nation is in grave fiscal danger, grave fiscal danger, and it has everything to do with spending. >> reporter: with taxes raised now, republicans contend they own the spending cut debate. to complicate matters, the government runs out of funds for day to day operations at the end of march, meaning all three of these deadlines will soon merge. >> axelrod: major, thank you. the latest employment numbers out yesterday have the economy adding 155,000 jobs last month. not enough to budge the unemployment rate from 7.8%. it's especially slow going in the public sector. hiring there hit a six-year low. still, some government agencies are starting to add work
does that mean for the three major debates ahead? the battle over the debt ceiling, sequester, the continues budget resolution? >> that's to my point. right now all the committees of congress should be meeting. the people on agriculture should be saying what can we do to make cuts here and make some changes there? the defense appropriations committee should be meeting. the housing committee should be meeting. all the various appropriating and authorizing committees should be meeting. and be involved in this process instead of leaving it to the last minute to three people. you can't run a country that way. like i said, you can't run a business that way. if i spent as little time running my business as the congress does conducting its business, why, we would have been out of business a long time ago. >> minnesota congressman rick nolan. again, congratulations. and come back and see us again. thank you so much. >> thank you. delighted to be here. >>> that wraps up this hour of "jansing & co." >>> coming up next on the agenda, the political calculations of picking senator chuck ha
while we're debating these things. you have to increase the debt ceiling and keep the debate going and look to continue to cut spending. jon: we'll have you back another time to talk more about this. you obviously put a lot of thought into it. former congressman dennis kucinich. >> thank you. jenna: speaking after the pentagon, we talked a let about the planned troop withdrawal in afghanistan. now there is word the united states may take out all the troops leaving no american soldiers there. what is behind the so-called zero option? we go in depth next. jon: a fox news alert now. new details emerging on that commuter ferry crash in new york city. rick is live at the breaking news desk for us. >> we're tracking this from down in the newsroom because the details are changing quickly, jon. as you say a commuter ferry bringing people from new jersey along the east river to lower manhattan. we're told that's when they had what is called a hard landing. the ferry captain trying to dock right at the pier. not clear why there was this hard landing but there are many injuries. 57 people wer
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